Banking system in India is gloomy: SP Bhargav

Banks, it is often said, are the fulcrum of a robust economy. But, the banking system in India however, shows a gloomy picture, as it is only reduced to a centre of loan generation, opined Cauvery Grameena Bank, Panchavalli, Managing Director S P Bhargav.

He was speaking after inaugurating the annual meeting of Milk Producers Co-operative Society, Panchavalli held recently.

Addressing the gathering, he said that banks are formed to help people financially through savings and loan. However, it is largely misused in India. People come to banks when they are needy and once they get it, they never turn back to banks. “Though, it is the primary duty of the banks to provide loans, people should also come forward and invest money in banks. This will obviously make them financially stable. Investments like this will make one financially self reliant.”

He added that central government under the leadership of Prime Minister Narendra Modi has come up with various schemes in banking sector, which would help the poor. “People must be aware of the government programmes.  Schemes like Atal pension are very useful.”

Mysore Milk Union Limited Director Prasannna, Muthin of Indian Overseas Bank, Milk Producers Association President Kalegowda, Secretary Eshwar and others were present.

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